July 8, 2019 Headlines

There was a slight risk-off sentiment in the overnight session with both equities (S&P500 -.26%) and US Treasury yields set to open lower. The main headline over the weekend was Deutsche Bank’s restructuring plans as the bank plans to exit its equities business entirely and cut its workforce by up to one-fifth. This week, the focus will be on Federal Reserve Chairman Powell’s testimony to congress for any additional clues on monetary policy following the better than expected payroll numbers. The Monetary Policy Report that has already been delivered to Congress states the Fed will do what is necessary to ensure a sustained expansion and that lower long-term rates are already providing stimulus to the economy.

Chris Eckhoff
Associate, Investment Management Group

Date	Event	Survey	Actual	Prior	Revised
7/8/2019	Consumer Credit	$17.000b	—	$17.497b	—
7/9/2019	NFIB Small Business Optimism	103.1	—	105	—
7/9/2019	JOLTS Job Openings	7473	—	7449	—
7/10/2019	MBA Mortgage Applications	—	—	-0.10%	—
7/10/2019	Wholesale Trade Sales MoM	0.30%	—	-0.40%	—
7/10/2019	Wholesale Inventories MoM	0.40%	—	0.40%	—
7/10/2019	FOMC Meeting Minutes	—	—	—	—
7/11/2019	CPI MoM	0.00%	—	0.10%	—
7/11/2019	CPI Ex Food and Energy MoM	0.20%	—	0.10%	—
7/11/2019	CPI YoY	1.60%	—	1.80%	—
7/11/2019	CPI Ex Food and Energy YoY	2.00%	—	2.00%	—
7/11/2019	CPI Core Index SA	262.564	—	262.032	—
7/11/2019	Initial Jobless Claims	221k	—	221k	—
7/11/2019	CPI Index NSA	256.093	—	256.092	—
7/11/2019	Continuing Claims	1683k	—	1686k	—
7/11/2019	Real Avg Hourly Earning YoY	—	—	1.30%	—
7/11/2019	Real Avg Weekly Earnings YoY	—	—	1.00%	—
7/11/2019	Bloomberg Consumer Comfort	—	—	62.6	—
7/11/2019	Monthly Budget Statement	-$12.5b	—	-$207.8b	—
7/12/2019	PPI Final Demand MoM	0.00%	—	0.10%	—
7/12/2019	PPI Ex Food and Energy MoM	0.20%	—	0.20%	—
7/12/2019	PPI Ex Food, Energy, Trade MoM	0.20%	—	0.40%	—
7/12/2019	PPI Final Demand YoY	1.60%	—	1.80%	—
7/12/2019	PPI Ex Food and Energy YoY	2.10%	—	2.30%	—
7/12/2019	PPI Ex Food, Energy, Trade YoY	—	—	2.30%	—
7/12/2019	Bloomberg July United States Economic Survey

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